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Heavyweight Currencies Slug It Out in Nanjing

By

Tom Orlik

Updated March 31, 2011 12:01 a.m. ET

Nanjing is no Bretton Woods.

A meeting in China's former capital, called at the behest of France, was meant to bring together G-20 leaders to put the international monetary system to rights. The French perhaps thought they had common cause with China against the dominant role of the dollar in the international financial system.

But if so, they thought wrong. Given that China holds $1.6 trillion in dollar debt, calling an end to...